Costco is selling for $299. Does this mean anything?

Yep, they will officially sell the xbox one at 299 by November. Then, next year it will be 250 and continue the 50 dollar drop for the following years.

It could be or maybe clearing excessive stock.

So instead of getting it this year should i wait to get it in 2021?

But why? Halo 5 and the holidays are coming

It's a promotion.

PS4 is selling $329 there as well.

I can't wait to get a free Xbox One.

It's probably the crappy 500GB model anyway.

I am just guessing because as far as I know, cosco isnt big regarding to video games stuff.  I might be wrong but I would have believed for a price cut if it was best buy or gamestop.

Their probably trying to get rid of the vanilla 500GB models. Their pretty much redundant by now.